Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 29,830,000 $ 31,031,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property and equipment 71,063,000 65,747,000
Provision for bad debt expense 370,000 657,000
Other amortization 463,000 487,000
Debt issuance cost amortization 1,828,000 1,784,000
Debt discount amortization, net of premium amortization 0 157,000
Stock-based compensation expense 10,589,000 8,902,000
Deferred income taxes (5,708,000) 2,745,000
Net distributions from equity investee (21,000) 17,000
Asset impairment charges 13,961,000 3,315,000
Loss (gain) on disposal of dealerships and property and equipment (41,116,000) (8,594,000)
Loss (gain) on exit of leased dealerships 2,697,000 2,016,000
Loss (gain) on retirement of debt 0 14,607,000
Changes in assets and liabilities that relate to operations:    
Receivables 150,013,000 24,330,000
Inventories (20,270,000) 191,077,000
Other assets 2,017,000 (4,286,000)
Notes payable - floor plan - trade (53,726,000) (131,578,000)
Trade accounts payable and other liabilities (6,517,000) (14,282,000)
Total adjustments 125,643,000 157,101,000
Net cash provided by (used in) operating activities 155,473,000 188,132,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of businesses, net of cash acquired 0 (76,610,000)
Purchases of land, property and equipment (133,918,000) (181,893,000)
Proceeds from sales of property and equipment 13,290,000 392,000
Proceeds from sales of dealerships 121,859,000 22,578,000
Net cash provided by (used in) investing activities 1,231,000 (235,533,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade (52,563,000) (74,974,000)
Borrowings on revolving credit facilities 738,262,000 253,668,000
Repayments on revolving credit facilities (799,736,000) (118,668,000)
Proceeds from issuance of long-term debt 21,072,000 288,419,000
Debt issuance costs (149,000) (4,673,000)
Principal payments and repurchase of long-term debt (31,337,000) (31,194,000)
Repurchase of debt securities 0 (210,914,000)
Purchases of treasury stock (24,110,000) (37,347,000)
Issuance of shares under stock compensation plans 352,000 46,000
Dividends paid (7,265,000) (6,691,000)
Net cash provided by (used in) financing activities (155,474,000) 57,672,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,230,000 10,271,000
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 6,352,000 3,108,000
CASH AND CASH EQUIVALENTS, END OF PERIOD 7,582,000 13,379,000
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of interest rate swap and interest rate cap agreements (net of tax expense of $1,563 and $1,099 in the nine months ended September 30, 2018 and 2017, respectively) 4,173,000 1,792,000
Cash paid (received) during the period for:    
Interest, including amount capitalized 73,372,000 67,523,000
Income taxes $ 32,956,000 $ 30,752,000